Tax-exempt money market funds saw modest inflows of $639.9 million in the week ended March 7, increasing total net assets to $323.67 billion, according to the Money Fund Report, a service of iMoneyNet.com.
Last week the tax-exempt funds shed $2.75 billion of cash, causing total net assets to drop to $323.03 billion in the week ended Feb. 28, according to the report.
The iMoneyNet money fund average, seven-day simple yield for the 482 tax-exempt money funds remained unchanged this week at 0.03%, while the average maturity was unchanged at 28 days.
Taxable money fund assets, meanwhile, grew by $11.14 billion, increasing total net assets to $2.402 trillion for the week ended March 8. The big influx overshadowed last week’s gain of $1.25 billion, which pushed the funds up to $2.391 trillion.
The yield for the 1,127 taxable money funds reporting this week remained unchanged at 0.03%, while the average maturity increased by one day to 46 days.
Overall, the combined assets of the 1,699 money funds gained $11.78 billion and finished the week ended March 8 with $2.726 trillion, a major turnaround from outflows of $1.5 billion the week before when the funds finished with $2.715 trillion.